National Affordable Housing Program & Madenat Al Qamar

Commitment by

Palestine Investment Fund

In 2010, Palestine Investment Fund (PIF) committed to develop a new city in the Jordan Valley to the north of Jericho city, Madenat Al Qamar (MAQ) via its initiative called 'The National Affordable Housing Program.' This program aims to provide 30,000 housing units across Palestine in the next eight to ten years. This city will be unique in the scope of its planned design. It will include, but is not limited to, residential homes, hotels, theme parks, commercial centers, and agricultural projects. Special attention and focus will be placed on utilizing renewable energy.

Tabs

Commitment

Launched

2010

Est. Duration

1 year

Estimated Total Value

$

Region

Middle East & North Africa

Countries

Palestinian Territories

Commitment by

Palestine Investment Fund

Details

APPROACH AND METHODOLOGY
Palestine Investment Fund (PIF) aims to develop a new city in the Jordan Valley to the north of Jericho city, Madenat Al Qamar (MAQ). The housing project will begin by developing approximately 183 acres of land (with plans to develop a total of 2,833 acres). Currently, very few families live in Madenat Al Qamar. The project will include, but is not limited to, residential homes, hotels, theme parks, commercial centers, and agricultural projects. Villas, townhouses, and apartments will be built and occupied by permanent and seasonal residents. In addition, commercially-viable farms and other project components will be developed.
To meet an unmet and growing demand for renewable energy, PIF will also integrate this technology into 'The National Affordable Housing Program' with specific focus currently on MAQ.
PIF, through its real-estate arm, Amaar, will develop the master plan. Rights to develop different areas and different elements of the project will be negotiated with potential investors and implementing partners.
This city is part of a larger PIF-lead initiative, 'The National Affordable Housing Program' that aims to provide 30,000 housing units across Palestine in the next 8-10 years. Already construction is underway in Al Reehan in Ramallah and Al Jinan in Jenin. Madenat Al Qamar (MAQ) will be the third area PIF includes in 'The National Affordable Housing Program.'
IMPLEMENTATION, TIMELINE, AND DELIVERABLES
This project is expected to start in Fall 2010. During this time, the master plan will be developed. Integral to this plan is the incorporation of renewable energy technologies.
With a favorable environment for solar and wind energy, PIF will explore opportunities to harness this technology.
PIF is actively looking for partners to collaborate on research and development around this objective. The goal to eventually develop market for renewable energy products and to meet the energy needs of MAQ.

Background

Over the next 10 years, estimates show a demand for over 470,000 housing units in Palestine. The Palestine Investment Fund plans to meet this need through 'The National Affordable Housing Program' and to do so with the utilization of renewable energy technologies.

Partnership Opportunities

SEEKING: Financial Resources, Implementing Partners, Best Practice Information, Other
Since PIF acts as master developer in this initiative, all different potential investors and sub-developers are encourged to join in developing those neighbourhoods. Moreover, PIF is seeking partners and experts that can provide financial resources, experience in using renewable energy, water theme parks, and other fields that can contribute to the different components of the project.
OFFERING: Financial Resources, Media/Marketing Opportunities
Since PIF is acting as a master developer, all potential investors and sub-developers are encourged to get engaged in the project. PIF is also open to incorporating new components of this program where potential partnerssee opportunties for collaboration.

Progress Reports

April 2012
Palestine Investment Fund (PIF) emphasizes its commitment to applying the environmental standards in all its projects and activities. PIF would like to point out that the current circumstances have prevented it from moving forward in implementing the 'Madenat Al Qamar' project in the Palestinian Jordan Valley area, noting that the required plans for the project have been prepared in conformity with the environmental standards, and in a manner that preserves the Palestinian environment within all project components, as well as preserving the tradition and history of the area. PIF stresses that the project has been planned for to be environmentally friendly in terms of the use of renewable energy sources.
The current and forseen political situation were the main factors for this situation. We hope that situation changes so as to assess then if it is feasable to reconcisder doing the project.